Finance Archives - Page 2 of 3

Xiaomi Co-Founder Steps Down as Chairman of Financial Arm

Xiaomi recently announced in an internal email that it appointed Alain Lam, vice president and CFO of the group, to serve as the chairman of Airstar Digital Technology, the financial arm of the group.

Chongqing Xiaomi Consumer Finance Posts H1 Net Loss of $13.47M

Chongqing Rural Commercial Bank, which is listed on the Hong Kong Stock Exchange (HKEx), disclosed on August 25 its latest semi-annual report, also mentioning the performance of its joint venture Chongqing Xiaomi Consumer Finance Co., Ltd., which owns its shares.

CPU Chip Company Quillion Technology Ceases Operations

Quillion Technology, which has been in operation for more than half a year and was working on general-purpose computing and data center solutions, informed all staff on August 5 that the company would cease its operations.

Huawei Details Global Expansion of Financial Services at Singapore Summit

Huawei is looking to globalize its operations in the financial services field, with a particular focus on Africa and the Asia-Pacific.

Finance Tech Firm Qudian Bets on Ready-to-Cook Meals

Luo Min, the founder and CEO of Qudian, a technology platform empowering the online consumer finance experience in China, said on July 18 that the company has begun to focus on ready-to-cook meals, and is winding down its financial credit business.

Ant Group Spends $8.9 Million to Establish Info Tech Company

On Wednesday, Tianyancha revealed that a wholly-owned subsidiary by Ant Group was formerly established. The new subsidiary has been named Ant Suosuoshu (Hangzhou) Information Technology Co., Ltd.

BYD Plans to Increase Capital of Auto Finance Subsidiary

According to an announcement released Thursday by automaker BYD, the company and its holding subsidiary BYD Precision Manufacturing plan to increase capital contributions to BYD Auto Finance.

Ant Group-Backed MYbank to Cease Asset Transfers from Alipay

Ant Group-backed e-payment solution MYbank recently announced that it would gradually stop asset transfers from Alipay to MYbank due to regulatory changes.

Three Chinese Industry Associations Call for NFT Regulation

Three Chinese state associations issued a joint initiative on Wednesday for curbing the financialization and securitization of NFTs, and for preventing the risk of illegal financial activities.

Ant Group Appoints Jia Hang as General Manager for Southeast Asia

Ant Group has announced the appointment of Jia Hang as its General Manager for Southeast Asia. The Group said this newly-established position will help strengthen its talent and capacity building in the region.

Amid Mounting Economic Pressure, XTransfer Helps Chinese SMEs Go Abroad

XTransfer, a Shanghai-based fintech startup established in 2017 by former Ant Group employees, is seeking to streamline Chinese cross-border e-commerce.

Digital Yuan Transactions at Winter Olympics Surpass $1.5B

The pilot digital yuan project has covered more than 400,000 scenarios at the Olympics, with a transaction amount of 9.6 billion yuan ($1.509 billion).

JD Technology Withdraws Its IPO Application to the Shanghai Stock Exchange

On March 30, Fintech company JD Technology, a subsidiary of e-commerce giant JD.com, withdrew its IPO application to the Shanghai Stock Exchange.

Alibaba Group Announces Offering of $5B Senior Unsecured Notes

On Feb. 5, China’s tech giant Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988) announced the pricing of an underwritten registered public offering of $5 billion senior unsecured notes, per Business Wire.

China VC Weekly: Biotech, Open-source and New Hefty Funds

Last week saw two prominent Chinese VC funds – Future Capital and Qiming Venture Partners – raise new US dollar funds.

The Financial Licenses That Chinese Tech Giants Are Competing For

Ant Group is sending a signal to China’s traditional finance industry: with access to financial licenses, tech companies can bite.

China to Expand Digital Currency Pilot Programs, Questions Remain

China is set to expand its digital currency testing programs to more regions and cities, including some of the country’s most developed financial hubs.

Baidu Responds To Delisting Rumor: ‘Still Considering A Secondary Listing’

On the evening of May 21, Reuters reported that Baidu was considering delisting from NASDAQ to boost its valuation. Baidu responded to The Economic Observer later claiming this was a false rumor.

Service Robot Maker Keenon Robotics Raises RMB 200M in B Round of Financing

Shanghai-based service robot manufacturer Keenon Robotics announced that it had completed its B round of financing at the end of 2019.

Lenovo Called a ‘Fraud’ by Financial Services Agency

Lenovo was accused of "fraud" by the financial services agency Bucephalus Research and was given a "sell" rating in an interview with Bloomberg.

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